Building the Foundation

Although many sales people think they can do without their “boring” administrative and financial colleagues, the truth is simple….they are as much part of the team as sales and marketing people.

Once your sales and marketing efforts have taken off, the orders pile up, and the vendor bills pile up, it is key to set up policies, procedures and a system, but doing so from the beginning can save you tons of problems.

It does not have to be complicated, but you need a system nevertheless. If you think you are doing well, but you cannot get insight into your revenue, expenses, cash in-flows and cash outflows, you could be heading for the proverbial “iceberg”.

Organizational management, administration, financial management, policies and procedures and strategic planning, form the foundation of building something that at The Gillette Company we used to call, “Building a Cathedral”. Your company may withstand the test of time if your foundation is solid. There are enough companies in the “good idea but did not survive” graveyard! Despite the fact that they had a great idea, they ran out of cash because they had no clue what cash came in and more importantly what cash went out.

Parts of the foundation of a business….read more…..